Government to sell 15% stake in RITES through OFS

The government intends to sell a further 15% stake in its railways undertaking RITES India under the Offer-For-Sale (OFS) route, according to an official announcement. The stake sale would augment the government’s stake sell-off kitty for the current fiscal by Rs 700-750 crore at the prevailing price of RITES shares.

DIPAM has already issued RFP for appointment of merchant bankers and selling brokers for the OFS.

At the current share price of Rs 230, the RITES issue may fetch Rs 700-750 crore for the government.

RITES was listed at Rs 190 per share against the issue price of Rs 185.

During the current financial year so far, Rs 2,350.25 crore have been garnered through divestments against the annual target of Rs 90,000 crore on this count.

This year, the DIPAM has completed disinvestment in another railway subsidiary — RVNL.

RVNL’s IPO was the first such issue in the current fiscal which fetched the government Rs 480 crore by divesting 12.12% stake in RVNL.

Government is also looking at offering shares at a discount to eligible employees of RITES, according to sources.

The extent of discount would be decided in due course.

Bengaluru : Byappanahalli Railway Station to Get Airport-like Facilities

Date : May 15, 2019

Bengaluru set to have a railway station with world-class amenities in 3 years. A butterfly-shaped railway station is all set to come up at Byappanahalli in Bengaluru and it will have airport-like facilities. The facility is expected to be built at a cost of Rs 250 crore.

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The IRSDC (Indian Railway Stations Development Corporation) in association with the BBMP(Bruhat Bengaluru Mahanagara Palike) unveiled the blueprint of the Byappanahalli station development project spread across 132 acres.

Of the total, 30 acres will be handed over to private builders for lease of 99 years.

The railway station is expected to be completed in 3 years.

But commercial establishments including stalls, hospitals, workplaces and service apartments will be completed in 8-10 years.

The last date to apply for commercial establishments in the station premises is May 30, as per the notification.

As Bengaluru is called a Garden City, rooftop of the railway station will have garden and the entire station will have a green look and feel with real greenery around.

The Byappanahalli railway station is expected to have separate arrival and departure terminals.

The station will be inclusive of other facilities including digital signages, escalators, conveyor belts, executive lounges, Wi-Fi facility, battery-operated buggies, food courts, entertainment facilities and also ATMs.

There will also be a waiting room like the one at the Kempegowda International Airport (KIA) in Bengaluru, as passengers have been directed to be in the station at least 15 minutes before the arrival of the train.

This will avert the crowding during the arrival of train and also mishaps while boarding the moving train.

A 3rd coaching terminal is also being built in Byappanahalli to ease the rush at the city railway station and Yeshwantpur.